BOURNEMOUTH WATER OWNER SHARES £20M WITH CUSTOMERS
18th September 2020
In an industry first, Bournemouth Water’s owner South West Water will soon be sharing £20 million with customers after outperforming its last business plan. From Monday (21 September) customers are being invited to choose how they would like to receive their £20.
It’s part of a unique scheme called WaterShare+, an innovative feature of Bournemouth Water’s 2020-25 ‘New Deal’. Shaped by customers for customers, it represents the output of Bournemouth Water’s biggest ever customer consultation.
It is designed to share the company’s success with Bournemouth Water* customers, as well as giving them a greater say in the business.
Customers can choose how they would like to receive their £20, earned from South West Water beating its tough targets during 2015-20. The options are:
- a credit on their water bill
- shares in Pennon Group plc, Bournemouth Water and South West Water's parent company
Customers who choose not to have shares will automatically receive a £20 credit on their next bill.
Customers are also being invited to have more say in how the business is run. From January 2021 they’ll be able to take part in customer-led Panel meetings and quiz directors on progress against plans.
Susan Davy, Pennon Group Chief Executive, said: “This innovative scheme is about doing the right thing, ensuring our customers remain at the heart of our service and success. Driven by our values and guided by what customers want, we hope WaterShare+ will build new levels of trust and transparency.
“Society expects water companies to do more than deliver the basics. WaterShare+ is one of the ways we’re rising to the challenge. It symbolises who we are as a business, supporting the lives of people and the places they love for generations to come.”
Other highlights of the ‘New Deal’ include lower bills, additional support for those most in need, and more than £1 billion of extra spending to improve services, including the biggest environmental improvement programme for 15 years.
Note to Editors:
- *Pennon acquired Bournemouth Water in 2015, when it became part of South West Water
- More than half of Bournemouth and South West Water employees are shareholders in Pennon
- For further information on WaterShare+ visit www.bournemouthwater.co.uk/watershareplus
- For more details on the 2020-25 New Deal business plan visit www.southwestwater.co.uk/waterfuture
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